Esteemed shareholders,

The Q3 2017 results and the objectives of the following period are in agreement with the "2014-2018 Investment Policy Objectives " and "2017 Activity Program" approved by the General Meetings of Shareholders.


Portfolio Structure

The listed shares portfolio holds the main weight of 78.4% of the total assets under management, while the weight of the unlisted shares is 8.9% due to the reorientation of the investment policy under the given market conditions. The financial and energy sectors (with 48.3% and 19.3% of the total assets) have remained the main sectors in the listed portfolio. On the one hand, we have continued the process of reducing the number of the portfolio holdings, through the full sale of the stocks in case of eight issuers and on the other hand we have increased the exposure per issuer, with positive influences on the entire portfolio performance.


Financial performance

The net profit booked in Q3 2017 of 131.4 million lei represents 138% of the Budget provision for 2017. The net revenue from assets sale hits 68 million lei and the investments in securities of 202 million lei represents 81% compared to 2017 target. The total value of the assets under management reach 1848 million lei, which represent an increase of 10% compared to Q3 2016.




Yours sincerely,
Costel Ceocea